Queensland vanadium explorer Vecco Group has locked in an investment top-up and joint venture agreement from Italian commodity markets player Coeclerici Group, hot on the heels of bringing in Japanese giant Idemitsu as a significant shareholder.
Coeclerici will now own 5 per cent of Vecco through its Singapore subsidiary Coeclerici Far East Pte Ltd. It builds on an initial investment from December, and makes it Vecco’s third-largest shareholder.
Concurrent to the top-up, the Italian has signed a joint venture memorandum of understanding with Vecco for vanadium electrolyte manufacturing in Europe. The facility would be capable of processing 15 per cent of Vecco’s vanadium production from its Debella project near Julia Creek in Queensland.
Veccco is targeting 2025’s second half for production. It would have manufacturing facilities in Queensland, the US and Europe to convert the mined vanadium into battery-ready electrolyte. Its clients are expected to be companies in batteries, utilities and mining sectors seeking sturdier alternatives to lithium-ion batteries.
The company was founded by Tom Northcott and is chaired by Greg Chalmers – both former executives in Rich Lister Sam Chong’s coal venture Jellinbah Group.
First published by AFR on the 23rd of May 2023
